Mandiant Beneish M-Score Historical Data
The historical data trend for Mandiant's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Mandiant Beneish M-Score Chart
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Mandiant Annual Data
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Trend |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
| Beneish M-Score |
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-2.90 |
-2.87 |
-1.64 |
-3.07 |
-0.31 |
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Mandiant Quarterly Data
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Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
| Beneish M-Score |
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-3.17 |
-1.94 |
-0.31 |
-1.44 |
-0.55 |
Competitive Comparison of Mandiant's Beneish M-Score
For the Software - Infrastructure subindustry, Mandiant's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Mandiant's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Mandiant's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mandiant's Beneish M-Score falls into.
Mandiant Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Mandiant for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.2335 | + | 0.528 * 0.9739 | + | 0.404 * 1.0149 | + | 0.892 * 1.1914 | + | 0.115 * 0.9297 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.01 | + | 4.679 * 0.304866 | - | 0.327 * 0.5996 |
| = | -0.55 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Jun22) TTM: | Last Year (Jun21) TTM: |
Total Receivables was $113.5 Mil.
Revenue was 137.92 + 130.144 + 132.887 + 121.97 = $522.9 Mil.
Gross Profit was 62.41 + 57.942 + 66.21 + 56.865 = $243.4 Mil.
Total Current Assets was $1,809.6 Mil.
Total Assets was $3,039.3 Mil.
Property, Plant and Equipment(Net PPE) was $83.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.9 Mil.
Selling, General, & Admin. Expense(SGA) was $412.6 Mil.
Total Current Liabilities was $493.6 Mil.
Long-Term Debt & Capital Lease Obligation was $678.2 Mil.
Net Income was -90.491 + -92.014 + 1099.705 + -68.222 = $849.0 Mil.
Non Operating Income was -1.671 + -0.321 + -30.907 + -0.464 = $-33.4 Mil.
Cash Flow from Operations was -38.539 + -23.335 + -27.647 + 45.298 = $-44.2 Mil.
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Total Receivables was $77.3 Mil.
Revenue was 113.91 + 114.688 + 110.273 + 100.052 = $438.9 Mil.
Gross Profit was 50.385 + 55.603 + 50.045 + 42.961 = $199.0 Mil.
Total Current Assets was $1,872.2 Mil.
Total Assets was $3,141.9 Mil.
Property, Plant and Equipment(Net PPE) was $102.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $87.3 Mil.
Selling, General, & Admin. Expense(SGA) was $342.9 Mil.
Total Current Liabilities was $1,420.4 Mil.
Long-Term Debt & Capital Lease Obligation was $599.9 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (113.535 / 522.921) | / | (77.257 / 438.923) |
| = | 0.217117 | / | 0.176015 |
| | = | 1.2335 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (198.994 / 438.923) | / | (243.427 / 522.921) |
| = | 0.453369 | / | 0.465514 |
| | = | 0.9739 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (1809.553 + 83.227) / 3039.252) | / | (1 - (1872.19 + 101.982) / 3141.933) |
| = | 0.377222 | / | 0.37167 |
| | = | 1.0149 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 522.921 | / | 438.923 |
| | = | 1.1914 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (87.301 / (87.301 + 101.982)) | / | (81.934 / (81.934 + 83.227)) |
| = | 0.461219 | / | 0.496086 |
| | = | 0.9297 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (412.578 / 522.921) | / | (342.863 / 438.923) |
| = | 0.788987 | / | 0.781146 |
| | = | 1.01 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((678.211 + 493.641) / 3039.252) | / | ((599.93 + 1420.448) / 3141.933) |
| = | 0.385573 | / | 0.643037 |
| | = | 0.5996 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (848.978 - -33.363 | - | -44.223) | / | 3039.252 |
| | = | 0.304866 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Mandiant has a M-score of -0.55 signals that the company is likely to be a manipulator.
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